India's October PMI hits four-month high as hiring stalls (opens the source in a new tab)
- HSBC's flash India composite PMI rose to 56.7 in October from 55.9, the fastest growth in four months and above the 56.1 economists expected, led by services at 56.2.
- Employment was unchanged, ending a nine-month hiring streak. Firms said current staff could handle the work, and backlogs fell at the joint-fastest pace in nearly six and a half years.
- Export orders grew at the quickest pace in six months, mostly for goods, while input-cost inflation eased to its lowest in almost a year.
- 56.7
- flash composite PMI, October
- 9 months
- hiring streak that just ended
Why it matters Growth without hiring is the risk for a young country. If firms keep stretching existing teams, output can rise while job-seekers wait.
Other side One flash reading is a snapshot, not a trend. Falling backlogs mean firms may not need extra hands yet, and hiring often lags demand by a few months.
Source:Reuters (free to read) ↗